This week’s developments in blockchain and cryptocurrencies included the expansion of Switzerland’s franc stablecoin pilot, job cuts at Bitcoin Suisse, a revised US crypto bill, the collapse of Hunter Biden’s memecoin, and a hack affecting the Liquid Network.

SIX and TWINT join the CHF stablecoin sandbox

The digital franc stablecoin CHFD has gained two partners with direct relevance to everyday payments. Exchange operator SIX and payment application TWINT joined the CHF stablecoin sandbox, bringing the number of participating companies to nine instead of seven. The participants are testing the stablecoin in a protected live environment until the end of 2026.

UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG launched the project in April. Until now, the initiative had primarily involved banks. SIX and TWINT add two players whose systems could become bottlenecks if the project proceeds to a broader rollout. Their participation therefore extends the pilot beyond stablecoin issuance to the payment infrastructure through which a franc-denominated digital instrument could be used.

According to the Swiss Payment Monitor, TWINT has a 67.8% share of the Swiss payments market, compared with 12.5% for Apple Pay. Potential use cases mentioned for CHFD include public payouts and providing fair access to event tickets. The payment instrument itself would determine the applicable conditions.

The test phase is scheduled to continue through the end of 2026, and its outcome remains open. A market launch has therefore not been decided. The corresponding license is not expected before 2027.

Read the full report on SIX and TWINT joining the CHF stablecoin sandbox.

Bitcoin Suisse plans job cuts in Zug

While Swiss institutions are working on the digital franc, Crypto Valley financial services provider Bitcoin Suisse is shifting some operations abroad. The company has informed employees in Zug that up to 60 positions could be eliminated.

As part of a cost-cutting program, back-office tasks will be transferred to Bratislava and a new site in Vietnam. The first layoffs are expected to take effect this year. CEO Andrej Majcen said international growth is now a priority alongside the company’s Swiss operations.

Bitcoin Suisse also intends to expand its wealth and asset management business beyond crypto. To support that strategy, it obtained licenses in Bermuda, Liechtenstein and Abu Dhabi this year. The Liechtenstein license provides access to the entire European Economic Area.

The company’s regulatory path in Switzerland has been more difficult. Bitcoin Suisse withdrew its application for a banking license in 2021 after FINMA classified it as “not eligible for approval.” Zug will nevertheless remain the company’s headquarters.

Read the full report on Bitcoin Suisse’s planned job cuts.

Senate Republicans seek votes for the Clarity Act

The US Senate remains without a clear majority for new cryptocurrency rules. This week, Republicans presented a revised, 630-page version of the Clarity Act. The bill would divide regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while defining when a crypto asset qualifies as a security or a digital commodity.

The revised draft includes more than 114 provisions requested by Democrats. However, Politico reported that no Democrat supports the new version. The issue is significant because the cloture vote scheduled for September 15 requires 60 of the Senate’s 100 votes, while Republicans hold 53 seats.

Disputes include the treatment of yield on stablecoins and an ethics clause. The clause would prohibit officials from issuing their own tokens, but enforcement would be limited to the Justice Department. It would also expire in January 2029. If the vote fails, the regulatory gap between the SEC and CFTC will remain unresolved for now.

Read the full report on the revised Clarity Act.

Hunter Biden’s LAPTOP memecoin falls sharply

Hunter Biden’s memecoin LAPTOP, launched on Base, the layer-2 network operated by Coinbase, lost more than 95% of its value within one hour this week.

Blockchain analytics firm Bubblemaps identified 12,151 buyers who incurred losses, or roughly 80% of the 15,206 buyers counted. Gains were concentrated among a small number of addresses: 88 addresses, representing fewer than 0.6% of buyers, collected approximately USD 5.57 million combined.

Across all wallets, the net gain was only about USD 178,000, indicating redistribution rather than value creation. Approximately 60% of the largest holders used newly created addresses that had received funds shortly before the launch. The activity does not, however, prove insider trading.

Before the launch, Hunter Biden had described the TRUMP coin as a “grift.” His own “fun currency” nevertheless followed a similar trajectory.

Read the full report on the collapse of Hunter Biden’s LAPTOP memecoin.

Liquid Network hack results in USD 320 million Bitcoin outflow

In a hack affecting the Liquid Network, roughly USD 320 million in Bitcoin left the federation wallet. Blockstream subsequently paused the sidechain.

Read the full report on the Liquid Network hack.

Source: Crypto Valley Journal